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Self-cert deals increase in popularity

  • 11/08/2003
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Sales of self-certification products are on the increase and show no sign of slowing, according to B...

Sales of self-certification products are on the increase and show no sign of slowing, according to BM Solutions.

Results from the lender’s Specialist Mortgage Adviser Regular Tracking (SMART) index show the average proportion of self-cert cases introduced in the second quarter has risen from 25% to 28%, while mainstream cases are down from 51% to 45% of all mortgages.

The trend looks set to continue with advisers expecting self-cert to rise by a further 3% in the third quarter. Numbers of sub-prime cases are expected to rise by over 2%, with buy to let looking at a 1.6% rise. Mainstream volumes are expected to rise by 0.9%.

Matt Grayson, public relations manager at BM Solutions, said: ‘These results highlight the continued buoyancy of the specialist lending market, which has seen a substantial strengthening in adviser confidence.’

Looking at intermediaries’ attitudes to technology, BM Solutions said 45% of respondents to its Online index believe the internet will help brokers become more compliant.

In light of this, brokers are looking at investing on average £1,152 in technology in the next three months.

Alan Cleary, head of sales at BM Solutions, said: ‘It is obvious from these findings an increasing number of intermediaries are turning to online services. This is crucial because post-Mortgage Day it will be the low-cost players providing a speedy response who will be the winners.’


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